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dc.contributor.authorAmbrose, Brent
dc.contributor.authorSteiner, Eva
dc.description.abstractResearch on the disposition effect in real assets to date ignores the active management component of these investments. Active management notably includes decisions about follow-up investment in the form of capital expenditures, as well as dispositions. Using a real option framework, we develop testable hypotheses and provide empirical evidence for the relationships between economic fundamentals, capital expenditures, property values, and the subsequent likelihood of sale. Our results shed new light on the evidence for the disposition effect.
dc.relation.hasversionFinal version published as: Ambrose, B. W., & Steiner, E. (2019). Economic fundamentals, capital expenditures and asset dispositions. Journal of Real Estate Finance and Economics. doi: 10.1007/s11146-019-09698-9.
dc.relation.hasversionAn later version of this article is also available in eCommons.
dc.rightsRequired Publisher Statement: © Springer. Reprinted with permission. All rights reserved.
dc.subjectasset management
dc.subjecteconomic fundamentals
dc.subjectcapital expenditures
dc.subjectproperty values
dc.titleEconomic Fundamentals, Capital Expenditures and Asset Dispositions
dc.description.legacydownloadsSteiner23_Economic.pdf: 265 downloads, before Aug. 1, 2020.
local.authorAffiliationAmbrose, Brent: Pennsylvania State University
local.authorAffiliationSteiner, Eva: Cornell University School of Hotel Administration

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